Crude oil prices posted a medium miscarry carrying slipped to a three-week low after API pronounced US inventories strew 9.2 million barrels final week, a distant incomparable dump than a 3 million tub pull approaching to be reported in central EIA total today. If they come closer to API projections, a serve miscarry competence be in a cards.

China National Petroleum Corp is also scheduled to recover a opinion for internal and tellurian appetite direct during 6 GMT. A high drop in enlightening activity weighed on prices amid worries of fading uptake from a world’s largest wanton consumer. More justification on a same competence infer serve negative.

A drop in bullion prices amid easing geopolitical instability fears was compounded as upbeat US sell sales total bolstered Fed seductiveness rate travel prospects, as expected. That gathering a US Dollar aloft alongside Treasury bond yields, undermining support for non-interest-bearing and anti-fiat assets.

Minutes from July’s FOMC meeting are now in focus. Rhetoric suggesting process makers remain assured in their standing projection – final updated in Jun – calling for 3 seductiveness rate hikes in 2017 (of that dual are already in a story books) competence retaliate a yellow steel further.

Retail traders design bullion to rise. Find out here what that hints about a tangible cost trend!

GOLD TECHNICAL ANALYSIS – Gold prices declined as expected after producing a bearish Evening Star candlestick pattern. From here, a daily tighten next a 23.6% Fibonacci enlargement during 1270.58 exposes rising trend line support during 1264.66, followed by a 38.2% turn during 1257.29. Alternatively, a annulment behind above a 14.6% Fib during 1278.78 opens a doorway for a retest of double tip insurgency during 1295.46.

Chart combined regulating TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices paused to digest waste though conspicuously unsuccessful to mangle behind above rising trend line support set from June’s pitch low, bolstering a box for a bearish annulment in progress. A daily tighten next a 23.6% Fibonacci enlargement during 47.30 exposes a 38.2% turn during 45.38. Alternatively, an allege behind above a trend line – now during 47.94 – targets a 14.6% Fib during 48.48.

Chart combined regulating TradingView

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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